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Tommy Prothro, a Marketing Manager for Golden Snack Bars, Has

question 15

Multiple Choice

Tommy Prothro, a marketing manager for Golden Snack Bars, has commissioned marketing research to determine if one recipe of snack bar is superior to another recipe. More than 400 persons who were "snack bar eaters" were involved in taste tests and, after tasting both recipes, they were asked which recipe they would purchase the next time they purchased snack bars. Tommy is now looking at the data and he sees that recipe A had 53 percent stating a preference whereas recipe B had 47 percent. Tommy's brand manager felt this was "significant" evidence that the firm should produce recipe A. But Tommy wanted more evidence so he asked the research firm to run a test to determine if there was a significant difference between the two recipes. When the firm ran the test, they reported a z value of 5.64. This means:

Definitions:

Labor Redesign

Labor redesign involves the restructuring of work processes, roles, and responsibilities to improve efficiency, productivity, and employee satisfaction within an organization.

Specialization

Focusing on a narrow area of expertise or activity, allowing a business or individual to become a known expert in that area.

Segmentation

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing strategies.

Law Of Experience

Suggests that with increased experience or production, companies can reduce costs and improve efficiency, often referred to as the learning curve.